AMEX Gold vs. Platinum for Military

Choosing between the American Express® Gold Card and The Platinum Card® from American Express can be challenging, especially for military servicemembers and veterans. Both cards offer robust benefits, but understanding which aligns best with your lifestyle and spending habits is crucial.

The Amex Gold Card is tailored for everyday spending, offering substantial rewards on dining and groceries. In contrast, the Amex Platinum Card is designed for luxury travel, providing premium perks like airport lounge access and travel credits. 

Both cards waive their steep annual fees for active-duty military members under the Servicemembers Civil Relief Act (SCRA) and Military Lending Act (MLA). So, which card should you choose? That depends on your spending habits and rewards goals. 

	Amex Gold Card	Amex Platinum Card
Welcome bonus	Earn 60,000 Membership Rewards points after you spend $6,000 in eligible purchases on your new Card within the first 6 months of Card Membership	Earn 80,000 Membership Rewards Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
Rewards rate	4X points on dining worldwide (up to $50,000 per year) 4X points at U.S. supermarkets (up to $25,000 per year) 3X points on flights booked directly with airlines or Amex Travel 2X points on prepaid hotels and other eligible travel purchases booked through AmexTravel.com 1X point on other purchases	5X points on flights booked directly with airlines or Amex Travel 5X points on prepaid hotels booked through Amex Travel 1X point on other purchases
Annual credits	$120 annual Uber Cash $120 annual dining credit at participating restaurants $100 annual Resy credit  $84 annual Dunkin credit	$240 digital entertainment credit annually $200 annual airline fee credits $200 annual  hotel credit $200 Uber Cash credit ($15-$25 per month) $199 CLEAR Plus credit $155 annual Walmart+ credit $120 Global Entry or TSA Precheck credit every 4-5 years $100 Saks Fifth Avenue credit annually
Travel perks	Access to Hotel Collection benefits through Amex Travel (up to $100 credit on two-night stays at participating hotels, plus other perks) No foreign transaction fees	Complimentary Marriott Bonvoy and Hilton Honors Gold status Access to the Amex Global Lounge Collection (including Centurion Lounges, Priority Pass, and others) Access to the Amex Fine Hotels + Resorts  No foreign transaction fees
Travel Insurance	Baggage insurance plan ($1,250) Secondary rental car coverage	Baggage insurance plan ($3,000) Trip delay insurance Trip cancellation and interruption insurance Secondary rental car coverage
Annual fee	$325 (waived for active-duty military)	$695 (waived for active-duty military)

Why Choose Gold

The Amex Gold Card is ideal for servicemembers and veterans who prioritize dining and grocery spending. With 4X points on dining and restaurants worldwide, it caters to everyday expenses, making it a practical choice for families and individuals alike. The card also earns 3X points on flights booked directly with airlines or Amex Travel, 2X points on hotels and other eligible travel purchases, plus 1X on everything else.

Since the 4X bonus on supermarket spending applies to the first $25,000 spent annually at U.S. stores, it’s not ideal for servicemembers stationed abroad. However, the card’s 4X on dining worldwide (up to $50,000 spent) could still translate to substantial rewards for those living abroad.

The Amex Gold card offers solid travel perks, including 2-3X points on travel spending, baggage and rental car insurance, and over $400 in annual statement credits towards dining and travel. With the $325 annual fee waived for servicemembers, the card is an excellent choice for those who prioritize a card that rewards everyday spending over one with luxury travel perks.

Why Choose Platinum

The Amex Platinum Card is ideal for servicemembers who travel extensively and want a card with luxury travel perks. It offers unparalleled travel benefits, including access to Amex Centurion Lounges, over $600 in annual travel credits, complimentary elite status with major hotel chains, and top-tier travel protections. 

Valuable travel perks include access to an extensive airport lounge network, elite status with three rental car companies, and two major hotel programs. The Hilton Honors Gold status upgrade is beneficial since it includes complimentary breakfast for two guests abroad and a $15-$25 food and beverage credit per person on stays within the U.S.

With nearly $700 in annual credits towards streaming and shopping, the Amex Platinum can be an excellent choice for those seeking luxury perks for travel or everyday life. 

However, the card’s reward structure isn’t the best. Cardholders earn 5X points on flights and hotels booked directly or via Amex Travel. All other purchases earn 1 point per dollar spent. This earning structure isn’t ideal for servicemembers with significant non-travel spending. However, if you’re stationed abroad and spend substantially on flights and hotels, the Amex Platinum Card could be an excellent choice – especially with all the superb travel protections included.

Why Not Both?

Combining both cards can provide a comprehensive rewards strategy. The Gold Card is great for maximizing rewards on dining and groceries, while the Platinum Card can unlock premium travel benefits. For active-duty military members, the waived annual fees make holding both cards a cost-effective strategy to maximize perks for both travel and everyday life.

It’s worth noting that American Express has several application rules that could impact whether you can get both cards: 

• One-per-lifetime rule: Amex restricts welcome bonuses for each card to once per lifetime. If you’ve had the Platinum or Gold card before and received a welcome bonus, you generally won’t be eligible for another one on the same card. You may get targeted for a special offer that excludes the once-per-lifetime language from the terms and conditions. These offers are typically sent out in the mail or email, so be sure to opt in for marketing materials to receive these offers.
• 1-in-5 rule: Amex typically only approves one card application every five days. If you apply for multiple cards within five days, you will likely be denied for subsequent applications. If you decide to apply for an Amex Gold and Platinum Card within the same week, keep this limitation in mind.

Other Amex application rules to be aware of include:

• Five-card rule: Amex limits customers to holding a maximum of five Amex credit cards at a time. Charge cards like the Amex Platinum and Gold cards typically don’t count toward this limit. Still, it’s worth being aware of this rule if you’re considering applying for other Amex cards.
• 2-in-90 rule: According to widespread reports, Amex won’t typically approve more than two card applications within 90 days. This rule applies to credit cards, not charge cards.

Since both the Amex Platinum and Gold are charge cards, they are not subject to the five-card limit or the 2-in-90 rule. However, applying for both cards simultaneously could still trigger Amex’s internal risk assessments, so spacing out your applications would be the safest approach.

Amex Platinum vs. Gold: How They Stack Up

We’ve established both cards offer great perks for different consumers. But how do they stack up against each other? Here’s a closer look at how the Amex Platinum and Gold cards compare in terms of benefits, rewards, and travel perks:

Military-Specific Perks and Benefits

Under MLA, both cards waive annual fees for active-duty servicemembers and their spouses. Additionally, Amex will waive late payment, over-limit, and returned payment fees. 

If servicemembers don’t qualify for MLA or SCRA, the Gold Card’s $295 annual fee might be more manageable. The Gold card also doesn’t charge a fee for adding authorized users, which can be a great way to extend card perks to a spouse without incurring another annual fee.

The Platinum Card’s extensive perks and statement credits could justify its higher fee for frequent travelers who don’t qualify for fee waivers. However, the card charges a $195 fee per authorized user. This can be a steep add-on if you and your spouse don’t qualify for a waiver. However, Amex Platinum cardholders can issue a “Companion Platinum Card” to their spouse (or any qualifying authorized user) at no extra fee. 

The Companion Platinum Card earns the same rewards, gets access to Global Dining Access by Resy, and includes a TSA Precheck/Global Entry application fee credit. It’s a possible workaround if you want to add an authorized user to the Platinum Card without incurring a $195 fee.

Gold vs. Platinum Welcome Offers

The Amex Gold and Platinum cards both offer substantial welcome bonuses when you meet the respective spending requirements. However, the Platinum Card bonus is higher than the Gold:

• Amex Gold Card: 60,000 Membership Rewards points after spending $6,000 in the first 6 months.
• Amex Platinum Card: 80,000 Membership Rewards points after spending $8,000 in the first 6 months.

These bonuses can be leveraged for travel, gift cards, or statement credits, providing significant upfront value. ?However, the spending requirements vary by $2,000.

If you’ll have difficulty completing the extra $2,000 requirement for the Platinum welcome bonus, you may want to opt for a Gold card instead. The last thing you want is to get an Amex Platinum Card and miss out on the welcome bonus because the spending requirement was too high. Opt for the Gold if you don’t want to risk it.

Gold vs. Platinum Benefits

While both cards offer valuable benefits, the Platinum Card’s perks skew heavily towards enhancing travel, including lounge access, travel credits, and elite status with hotel chains and rental car companies. These perks add up to over $1,400 in annual value – hence why this card is so popular among active duty military members who qualify for an annual fee waiver.

• $240 digital entertainment credit annually
• $200 airline fee credit
• $200 hotel credit
• $200 Uber Cash credit
• $199 CLEAR Plus credit
• $155 annual Walmart+ credit
• Up to $120 Global Entry or TSA Precheck credit every 4-5 years
• Up to $100 Saks Fifth Avenue credit ($50 semi-annually)

The Gold Card’s benefits align with everyday spending, offering dining and Uber credits that can be utilized regularly. The best choice comes down to your personal spending habits. If you’re stationed abroad, you might not find great use for the Amex Gold’s statement credits since many are restricted to U.S. locations.

• $7 in monthly credits at U.S. Dunkin locations
• $10 in monthly dining credits (valid at Five Guys Grubhub, Goldbelly, The Cheesecake Factory, Wine.com)
• $10 in monthly Uber Cash (valid on rides or Uber Eats)
• $100 annual Resy credit valid at U.S. restaurants ($50 issued semi-annually)

Gold vs. Platinum Travel Perks

The Amex Gold and Platinum cards offer substantial savings on travel expenses through its Amex Travel portal and other perks. Amex Gold cardholders receive perks like $100 hotel credits, free breakfast, and room upgrades at select Hotel Collection Properties. Active duty servicemembers will also appreciate the card’s waived foreign transaction fees (savings of 3-5%).

But the Amex Platinum is king when it comes to travel perks, providing elite status with Hilton, Marriott, and the most comprehensive airport lounge access benefit of any credit card. The Amex Fine Hotels & Resorts program is more comprehensive than The Hotel Collection, offering many of the same perks along with third and fourth-night free perks at select properties. Cardholders also get substantial discounts on airfare through the International Airfare Program. Frequent travelers who can get the card’s $695 fee waived can get tremendous value out of the Platinum Card.

• Amex Gold: Access to Hotel Collection benefits through Amex Travel (up to $100 credit on two-night stays at participating hotels, plus other perks); No foreign transaction fees.
• Amex Platinum: Complimentary Marriott Bonvoy and Hilton Honors Gold status; access to the Amex Global Lounge Collection (including Centurion Lounges, Priority Pass, and others); access to the Amex Fine Hotels + Resorts; International Airline Program, no foreign transaction fees.

Gold vs. Platinum Travel Insurance

Whether you’re traveling on leave or deployment, Amex travel insurance can provide you peace of mind – at no extra cost. The Amex Platinum Card has the most comprehensive travel protections, including up to $500 in trip delay insurance per trip, $3,000 in baggage insurance, and $10,000 in trip cancellation and interruption coverage. 

The Amex Gold’s insurance benefit includes $1,250 in baggage insurance and secondary rental car coverage. It’s sufficient coverage for occasional travelers or those who prefer to buy their own travel insurance. The  Amex Platinum Card’s protections are superior to the Amex Gold and may not require additional coverage.

• Amex Gold: Baggage insurance plan, secondary rental car coverage.
• Amex Platinum: Baggage insurance plan, trip delay insurance, trip cancellation and interruption insurance, secondary rental car coverage.

Gold vs. Platinum Earning Points

The Gold Card offers higher rewards on everyday spending categories, making accumulating points through routine expenses easier. While the Platinum Card offers higher points on travel bookings, it earns lower rewards on common everyday purchases.

The Amex Gold Card excels in rewarding everyday spending. The card offers 4X points on worldwide dining and at U.S. supermarkets. This is particularly beneficial during Permanent Change of Station (PCS) moves or deployments, where dining out and grocery shopping are common. 

Since the grocery bonus is limited to the first $25,000 spent annually at U.S. grocery stores, servicemembers stationed abroad will simply earn 1X rewards in this category. However, the worldwide dining benefit (capped at $50,000 per year) applies to servicemembers stationed domestically as well as abroad.

The Platinum Card shines in travel-related expenses, providing 5X points on flights and prepaid hotels, along with luxury travel perks, making it ideal for Temporary Duty (TDY) and leisure travel. Both cards waive foreign transaction fees, so regardless of which one you choose, you won’t incur 3-5% in fees on card spending when deployed abroad. 

• Amex Gold Card: 4X points on dining worldwide (on up to $50,000 per year) and at U.S. supermarkets (on up to $25,000 per year); 3X points on flights booked directly with airlines or Amex Travel; 2X points on prepaid hotels and other eligible travel purchases, booked through AmexTravel.com; 1X point on other purchases.
• Amex Platinum Card: 5X points on flights booked directly with airlines or Amex Travel; 5X points on prepaid hotels booked through Amex Travel; 1X points on other purchases.

Redeeming Points

Both cards earn Amex Membership Rewards points, which can be redeemed for travel, gift cards, or statement credits. The Membership Rewards program is one of the best for travel, allowing cardholders to transfer their points to 18 airline and three hotel loyalty programs for maximum value: 

• Aer Lingus AerClub
• Aeromexico Rewards
• Air Canada Aeroplan
• Air France-KLM Flying Blue
• ANA Mileage Club
• Avianca Lifemiles
• British Airways Executive Club
• Cathay Pacific
• Choice Privileges
• Delta SkyMiles
• Emirates Skywards
• Etihad Guest
• HawaiianMiles
• Hilton Honors
• Iberia Plus
• JetBlue TrueBlue
• Marriott Bonvoy
• Qantas Frequent Flyer
• Qatar Airways Privilege Club
• Singapore Airlines KrisFlyer
• Virgin Atlantic Flying Club

Transferring points to airline or hotel partners often provides the best value, especially for those who can maximize travel redemptions. These rewards can come in handy when traveling during leave or looking to cover travel expenses for friends and family. 

Here are some examples of awards you can book with 60,000-80,000 Membership Rewards points:

• 10,000 miles round-trip for an economy class ticket between the U.S. and UK (Virgin Atlantic Flying Club)
• 60,000-75,000 miles round-trip for an economy class ticket between the U.S. and Australia (ANA Mileage Club)
• 60,000 mile one-way for a business class ticket between the U.S. and Europe (Flying Blue)

How to Switch Between Cards

American Express allows product changes between charge cards, making it possible to switch between the Gold and Platinum cards. Cardholders can contact Amex customer service via phone or the online chat feature to request a downgrade or upgrade (which is usually much quicker). 

Most people will wait until the annual fee is due before switching cards. However, since these fees are waived for military servicemembers and veterans, you have more flexibility. 

My advice? Use your card for at least a year to max out the numerous statement credits. If you decide the card isn’t a great fit, you can switch. Plus, Amex often incentivizes Gold cardholders to upgrade to a Platinum after the one-year mark. 

I was once offered 100,000 bonus points to upgrade my Gold Card to an Amex Platinum and spend $6,000 in six months. I was happy to score a substantial bonus and get the card I wanted without incurring another hard credit inquiry. 

However, switching may impact welcome offer eligibility, so it’s worth considering whether canceling and reapplying for the desired card is a better option. Applying for a new card could make more sense with Amex offering between 60,000-80,000 bonus points for these cards. However, if you’ve had your card open for a few years, it’s best to do a product change since closing an older account can negatively impact your credit.

How to Maximize Your Amex Card Benefits

Regardless of which credit card you choose, Amex cards offer fantastic benefits that can help you save on travel and everyday expenses. To maximize your Amex card benefits, we suggest the following:

• Use your card for all household spending, including bills and everyday spending. 
• Add a calendar reminder to take advantage of monthly and semi-annual statement credits offered by both cards.
• Check the Amex Offers tab on your account for opportunities to earn extra points or statement credits at popular merchants and travel vendors.
• Use your card for travel expenses to ensure they earn you bonus points and become eligible for travel protections.
• Not all benefits apply automatically; make sure you register for perks like Priority Pass Select membership for lounge acces, Hilton and Marriott Gold elite status, the airline fee credit from the Amex Platinum and the Dunkin credit from the Amex Gold.
• Transfer points to airline and hotel partners to maximize redemption value.

How to Choose the Best Option for You

Choosing between the Amex Gold and Platinum Card depends on your spending patterns and rewards goals. It’s important to evaluate what you need in a credit card when making your decision. Consider which card best rewards your spending and whether you’ll use its ongoing perks. Having both cards can provide maximum value for active-duty military members with waived annual fees.

However, if you don’t qualify for two cards right now (under Amex’s various application rules), you’ll want to consider which card might serve you best in the short term. The Gold Card is likely the better choice if you prioritize dining, groceries, and everyday spending. The Platinum Card is worth considering if you travel frequently and value premium perks.

Sources

Service Members Civil Relief & MLA FAQs | American Express

Annual Fee & Authorized User Fee – American Express Platinum®

Amex Additional Gold Card is Now the Companion Platinum Card

Baggage Insurance Plan Benefit Guide 10/1/2020 Edition

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